Australia's Orora gains; Morningstar initiates coverage at premium

Orora

17/12/2024 24:26

** Shares of Australia's Orora  ORA.AX  rise as much as 1.7%
to A$2.39
    ** Morningstar initiates coverage on ORA with a fair value
estimate of A$2.60, an 8.8% premium to stock's high on Tuesday
        ** Uncertainty rating for ORA is medium
  
    ** The investment research firm says it expects the
premiumization of beverage containers to support profit margin
growth and revenue growth above nominal gross domestic product
    ** Orora produces glass bottles and aluminum cans for the
beverage industry
    ** Adds Orora benefits from a mix shift with specialised
glass bottle and higher-price aluminium glass designs
    ** Estimates a ramp-up of revenue growth, reaching our
midcycle assumption of 4% annual revenue growth from fiscal 2029
    ** Stock has fallen 9.6% YTD, as of last close 

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com))